One would have told Sir Jim Ratcliffe that he should “Forget” the late £4.25 billion ($5.3 billion) bid he made for Premier League giants Chelsea from the US bank currently overseeing the sale.
Despite this, the British tycoon has reportedly not given up hope of owning the West Londoners, with the consortium led by American Todd Boehly still in pole position to take control of the club.
Chelsea were put up for sale by Roman Abramovich on March 2. Days later, the club’s owner since 2003 had his assets frozen by the British government over alleged links to Russian President Vladimir Putin in response to the Russian military operation.
And although Abramovich cannot profit from it in any way, a purchase is still possible under the supervision of the British government and the Raine group, which informed Ratcliffe of the bad news.
“We got an email to say ‘forget it, you’re not in the process’,” explained Tom Crotty, director of communications and general affairs of petrochemical company Ineos de Ratcliffe, to the Telegraph.
“It was from Raine, but we’re not giving up because we think what we have is an offer that makes sense for the club,” Croty insisted.
“They’ll say it was too late. We said, ‘You need to give us feedback and if we have something wrong, let us know what we’re wrong about and we can try to fix it. ‘ But we didn’t even have that opportunity.”
“We were told this weekend” Crotty revealed. “I’m not going to criticize Raine because we’re late and in their defense they’ll use that and say you should have been there a lot sooner.”
Ratcliffe reportedly offered to pay £2.5 billion ($3.1 billion) initially and then £1.75 billion ($2.2 billion) over the next 10 years, while also meeting the Chelsea Supporters’ Trust a few days ago to lay out his vision for the club.
Crotty said Ineos only made its late bid after realizing the price was lower than expected and concluded that the number made “financial sense”.
The sale of the Champions League holders has been complicated by reports that Abramovich could backtrack on his previous vow to cancel a £1.6bn ($2bn) loan to Chelsea.
Crotty confirmed that Ineos “absolutely not” take on Abramovich’s debt. “Not in addition to what we already offer, no,” said Croty. “The valuation is based on the fact that there is no debt.”
With their special license ending on May 31, just nine days after the end of their Premier League season, Chelsea face a race against time after the UK government insisted a deal be done by then , according to ESPN.
If Chelsea miss the deadline, they run the risk of going bankrupt and there have even been rumors that they will be kicked out of the Premier League.
With just under four weeks to go, however, Chelsea can be encouraged by a previous 10-day record that Premier League chief executive Richard Masters has cited for a club takeover, which also includes the owners and administrators test completed. .
Meanwhile, however, British authorities were reportedly unimpressed by Abramovich’s change of heart on repayment and report that two of Abramovich’s key allies, President Bruce Buck and director Marina Granovskaia, could keep their roles if Boehly takes over. .
“Any continuity with the Abramovich regime at Chelsea is certainly a troubling development,” he added. Digital, Culture, Media and Sports Committee Chairman Julian Knight remarked to the Financial Times, and a source suggested to ESPN the sale could still go ahead with Abramovich’s $2 billion frozen as one of its assets.
Losing three of their last six games with long-distance rivals Arsenal and Tottenham Hotspur closing in on them, Chelsea, third under Thomas Tuchel, must also secure Champions League qualification for the next term with just four games remaining.
They continue that quest with two Premier League matches against Wolves and Leeds United on Saturday and Tuesday before facing Liverpool in the FA Cup final at Wembley the following Saturday.